Cole Wilcox, chief executive officer and chief investment officer of Longboard Asset Management, has some lofty goals for the alternative mutual fund shop this year.
Wilcox told Money Management Executive that the firm plans to raise $300 million for its fledgling Managed Futures Strategy Fund (WAVIX), which launched in November 2012 and is currently managing some $20 million in assets. To that end, Wilcox has hired Clint Kruse as managing director of national accounts to establish relationships with wirehouses such as Morgan Stanley and UBS. Kruse formerly worked with RS Funds in the same capacity.
“It kinda fell into our lap where he recently relocated, heard about our launch and wanted to be a part of our firm,” said Wilcox. “He recruited us. You know you have the right person when they understand your business model and want to be your guy.”
Wilcox added that he’s confident that the firm is going to hit its asset raising target for the year. “The first six months is going to be slower than the second six months but I think we’re definitely going to get over $100 million within the first six months.”
The firm currently caters exclusively to fee-based financial advisors and has four external and four internal wholesalers.